Marcus & Millichap brokers sale of $14.3 million grocery-anchored center

Rocky Hill, CT Marcus & Millichap, completed the sale of Big Y Plaza, a 60,947 s/f grocery-anchored shopping center for $14.3 million. 

Marcus & Millichap’s Joseph French Jr. and Jeffrey Stearney, in association with John Krueger, the firm’s broker of record in Connecticut, exclusively marketed the property on behalf of the seller, a private Connecticut-based company, and procured the buyer, a private New York-based investor. 

“The Big Y Plaza has changed hands in a transaction that exemplifies perseverance and collaboration,” said French. “The sale was uniquely challenging due to the assumption of an existing commercial mortgage-backed securities loan, a process that required months of approvals and coordination among multiple stakeholders. Despite the extended timeline, both the buyer and seller remained committed to completing the transaction. The successful closing underscores the parties’ ability to navigate the complexities of structured financing.” 

Built in 1988, Big Y Plaza is located at 1030 Elm St. and is fully occupied by two tenants, Big Y Supermarket and Wells Fargo Bank. The center is on 14.1 acres and includes surface parking. The property is near I-91 and serves a dense residential trade area within the Hartford metropolitan region, providing access for both local and commuter traffic.